RBI Monetary Policy: RBI going to launch UPI through cash deposit facility soon: The Reserve Bank of India (RBI) will soon start the facility of depositing money in cash deposit machines through UPI (Unified Payment Interface).
Apart from this, it has also been proposed to provide facility to PPI (Prepaid Payment Instruments) card holders to make UPI payments through third party UPI app like bank account holders.
Presenting the first bi-monthly monetary policy review of the current financial year, RBI Governor Shaktikanta Das said that considering the experience gained from cardless cash withdrawals using UPI at ATMs, cash deposit machines (CDMs) can now be made using UPI.
Debit cards are primarily used to deposit money into cash deposit machines. Shaktikanta Das said the move will make things easier for customers and make the currency management process in banks more efficient.
According to RBI, while the use of cash deposit machines in banks has increased the convenience of customers, on the other hand the pressure of depositing cash in bank branches has also reduced. Now, in view of the popularity and acceptability of UPI, it has been proposed to provide the facility of depositing cash without card.
There is also a proposal to use PPIs (Prepaid Payment Instruments) to link UPI. UPI support from Micro PPI can be done only using the website or mobile app provided by the PPI card issuer. Das said in the statement that this will help PPI card holders to update UPI like bank holders. Materials and digital mediums related to this will be promoted for easy and low amount transactions. RBI will soon issue guidelines regarding these measures.
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